It held the highest weekly close in Bitcoin history. We are in the days when the direction of movement and trend will be determined for Bitcoin, which continues its upward trend and has managed to rise to the level of $ 41,000 in the past days. Bitcoin, which experienced a correction after touching the $ 41,000 levels, continued to rise, gathering strength from the $ 37500 levels. Cryptocurrency investors have turned their eyes on whether the $ 42,000 resistance can be broken and how Ethereum can experience pricing in this process.
Average transaction fees for Bitcoin (BTC) reached $ 17,206, the highest level since January 2018, according to BitInfoCharts data. This development, which started in the last quarter of 2020 and is another similarity of the bull run we are in to the 2017 Bull run, clearly expresses the demand for Bitcoin.
MicroStrategy invested $ 10 million in Bitcoin, according to a statement by MicroStrategy CEO Michael Saylor on February 2 Stating that Bitcoin is an important solution and investment tool against increasing inflation, Saylor stated that by comparing Bitcoin and gold, Bitcoin is the gold of the crypto money markets. US Senator Cynthia Lummis from Wyoming stated that Bitcoin is “a huge store of value” and stated that investors should add Bitcoin to their investment portfolio. It can be said that these developments positively reflected on Bitcoin pricing and were effective on the journey to $ 41,000 levels.
Bitcoin is priced at the current $ 42,552 levels. On a daily basis, the 20-day moving average is seen as $ 34,671 and the 50-day moving average at $ 33,197. On a daily basis, RSI (14) value is seen as positive at 64,656 and STOCHRSI (14) value at 99,789 levels. Key support levels for Bitcoin in the short term are 35.282 / 36.332 / 37592; important resistance levels are foreseen as 40.952 / 42.212 / 44.808.
Ethereum, which is the most important and highest market value crypto currency after Bitcoin, managed to price over $ 1700, with Bitcoin rising to $ 38,000 on February 5th. Ethereum miners’ hourly income reached an all-time high. Ethereum miners set a record, earning $ 3.5 million in one hour. According to the data published by Whale Alert, with the effect of the positive pricing of Ethereum, it was stated that 330,000 Ethereum, corresponding to a total of $ 560 million, has moved.
On February 8, 2021 Turkey time of 02: 00` which opened in Ethereum` processed by the CMA from the beginning of popular derivatives exchange said. This development, announced in December 2020, was thought to have a positive effect on Ethereum pricing as it could provide capital inflows. In December 2017, Bitcoin futures contracts began to be listed by CME. It has been claimed that the decline in Bitcoin pricing is due to this development and that Ethereum pricing may also be negatively affected. Investors should keep a close eye on how these developments will affect the cryptocurrency markets.
Ethereum, which currently meets its buyers at 1694 levels, continues to move above the 20-day moving average of 1424 and the 50-day moving average of 1147. Ethereum’s $ 1780 levels and subsequent $ 2000 levels can be seen as important resistances. Ethereum, which has a daily RSI (14) value of 63,949 and a STOCHRSI (14) value of 60,604, is shown in parallel with Bitcoin pricing. Significant support levels can be seen as 1305/1398/1505, while key resistance levels can be seen as 1706/1799/1906.